D-Wave Quantum (NYSE:QBTS) Given “Buy” Rating at B. Riley

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating restated by equities researchers at B. Riley in a research note issued on Wednesday, MarketBeat.com reports. They presently have a $20.00 price target on the stock, up from their previous price target of $13.00. B. Riley’s price target would suggest a potential upside of 27.07% from the stock’s current price.

Several other research analysts also recently issued reports on QBTS. Needham & Company LLC upped their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Roth Capital reaffirmed a “buy” rating on shares of D-Wave Quantum in a report on Friday, June 13th. Roth Mkm lifted their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Finally, Benchmark boosted their price target on D-Wave Quantum from $14.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $13.57.

D-Wave Quantum Stock Up 1.2%

Shares of QBTS opened at $15.74 on Wednesday. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. D-Wave Quantum has a 12 month low of $0.75 and a 12 month high of $19.77. The firm’s 50 day moving average is $12.07 and its 200-day moving average is $8.50. The stock has a market capitalization of $4.60 billion, a PE ratio of -26.23 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. The firm had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. Equities research analysts forecast that D-Wave Quantum will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 22,000 shares of D-Wave Quantum stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $15.12, for a total value of $332,640.00. Following the completion of the sale, the director now directly owns 59,295 shares in the company, valued at approximately $896,540.40. The trade was a 27.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 845,813 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the completion of the transaction, the chief executive officer now directly owns 2,866,412 shares in the company, valued at approximately $48,729,004. This trade represents a 22.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,636,796 shares of company stock worth $27,872,091 over the last ninety days. Insiders own 3.20% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several large investors have recently modified their holdings of QBTS. Vanguard Group Inc. boosted its stake in D-Wave Quantum by 58.5% during the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock worth $85,766,000 after acquiring an additional 4,166,721 shares in the last quarter. Bank of America Corp DE boosted its position in shares of D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after purchasing an additional 2,497,263 shares in the last quarter. Penserra Capital Management LLC grew its stake in shares of D-Wave Quantum by 80.1% in the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company’s stock valued at $38,518,000 after buying an additional 2,253,741 shares during the period. UNICOM Systems Inc. increased its position in D-Wave Quantum by 91.9% in the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company’s stock valued at $35,171,000 after buying an additional 2,216,000 shares in the last quarter. Finally, Trexquant Investment LP acquired a new position in D-Wave Quantum during the 1st quarter worth approximately $8,064,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.